“They may also recommend structured products or boutique investment funds that pay up to 5 per cent initially followed by ‘trail’ commission year after year," he says, adding that local advisers can lack the relevant qualifications and have a per­sonal financial incentive to recommend a transfer.

He is quite right: this is all in their interest not in yours.

Have a look at our blog or knowledge library to learn the things to watch out for when you talk to an unqualified offshore salesperson.

If you are considering a transfer, ensure you speak to a firm listed on the UK FCA register that is licensed to conduct pension transfers.

Ensure your adviser provides you with a copy of their qualifications.

And hopefully you will dodge the charlatans who prey on those who are less well informed.